Thursday, February 7, 2013

EIA: Storage -118 Bcf to 2.684 Tcf

The EIA reported that gas in storage decreased 118 Bcf last week to 2.684 Tcf.  The weekly withdrawal was 26% higher than last year (-94 Bcf) but 28% below the five year average (-165 Bcf).  The current level of working gas in storage is now 7.8% below last year (2.91 Tcf) but 15.0% above the five year average (2.333 Tcf).

After working gas in storage increased to be as much as 60.5% above the five year average in April 2012, the deviation crept down to as low as 4.5% in late November 2012.  With mediocre withdrawals so far this winter, the differential between the current storage level and the five year average is starting to rise.  This is bad news, especially when you consider that the five year average includes three consecutive record high storage years.  If you can't keep up with that crappy past, you are in trouble...

Temperatures last week averaged 39.0 degrees, 3.7 degrees cooler than last year but 5.1 degrees warmer than average.

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